Ralph Pine Consulting Received Its Telephone Bill in the Amount

question 126

Multiple Choice

Ralph Pine Consulting received its telephone bill in the amount of $300,and immediately paid it.Pine's general journal entry to record this transaction will include a

• A)Debit to Telephone Expense for $300.
• B)Credit to Accounts Payable for $300.
• C)Debit to Cash for $300.
• D)Credit to Telephone Expense for $300.
• E)Debit to Accounts Payable for $300.

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Definitions:

Inventory

The products and resources kept by a company with the primary purpose of being sold, used in manufacturing, or consumed.

Supply Chain Decision-Making

The process of strategizing, planning, and executing actions across the supply chain to optimize operations and performance.

Competitive Strategy

A method businesses use to achieve a competitive advantage by planning how to outperform their rivals.

Cycle Inventory

The average amount of inventory used to satisfy demand between orders, part of the total inventory that cycles through the supply chain.